Romtelecom offers EUR 8 million for insolvent Boom TV

Telecom operator Romtelecom, majority owned by Greek OTE, was the only company interested in taking over the insolvent Boom TV operator, which is currently in a reorganization process, according to Money.ro. Romtelecom has offered EUR 8 million for the TV station. The company's patrimony has been assessed at EUR 7.32 million, plus VAT, which is also the minimum price. The buyer would take over 95,000 subscribers. In case the number of transferred subscribers will be lower than 95,000, the selling price will be reduced accordingly, using the rate of EUR 80.08 per subscriber. The receiver offers a deferred payment. Therefore, a part of the recovery will be within 15 days after the first completion. This payment will be more than EUR 4 million plus VAT, according to the reorganization plan created by Casa de Insolventa Transilvania. Boom TV’s activity will continue during this plan and the liquidator estimates it will take six months for the subscribers to migrate from DTH platform to the platform of the purchaser. Boom TV is operated by DTH Television Group. The company entered insolvency in May last year, when UniCredit Tiriac Bank, Grecos Energy Telecomunicaţii and Eurocom Networks & Technologies have asked for its insolvency. The company had a EUR 18.5 million debt with UniCredit Tiriac Bank. Boom TV satellite tv station was launched in 2006. Irina Popescu, irina.popescu@romania-insider.com